KeyCorp (NYSE:KEY) Price Target Cut to $19.00 by Analysts at Citigroup

KeyCorp (NYSE:KEY) had its target price cut by Citigroup from $20.00 to $19.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

KEY has been the topic of a number of other reports. Piper Sandler upped their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. DA Davidson cut their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Stephens reaffirmed an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.53.

KeyCorp Price Performance

Shares of KEY stock opened at $16.40 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $18.12 billion, a PE ratio of -54.65, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The firm’s 50-day moving average is $17.01 and its two-hundred day moving average is $17.41. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp declared that its board has approved a stock repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.00%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the transaction, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Whittier Trust Co. boosted its position in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of KeyCorp during the fourth quarter worth approximately $28,000. Larson Financial Group LLC increased its holdings in shares of KeyCorp by 90.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 918 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.